February 8, 2023

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The rotation out of the NASDAQ stocks continues

1 min read

NASDAQ down for the fifth consecutive day. Dow up for the fourth consecutive day

The rotation of the NASDAQ stocks continue with the NASDAQ down (it is working on the fifth consecutive down day) and the Dow stocks higher (it is working on its fourth consecutive up day).  

A snapshot of the market currently shows:

  • S&P index -7.6 points or -0.18% at 4160.37
  • Nasdaq down -77 points or -0.56% at 13506
  • Dow up 27 points or 0.08% at 34261.

In other markets as stock trading gets underway shows:

  • Gold the $14 or 0.79% at 1801.45.
  • Silver up $0.53 or 2.03% $27.03
  • WTI crude futures down $0.32 or -0.49% at $65.31
  • Bitcoin is trading of $580 or 1.03% at $57,480

in the US debt market, yields are higher but off their highest levels:

US yields are higher

A snapshot of the forex market is showing the CHF is the strongest and the NZD remains the weakest (followed by the JPY).  The USD is mostly lower with on the small gains versus the JPY and NZD. It is marginally lower versus the GBP as well (-0.04% on the day). 

The US dollars lower

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